Flexi Loan EMI Calculator

Loan Amount: ₹ 50000

Rate of Interest: 24%

Total Interest Payable:₹ 1000

What is Flexi Loan EMI calculator?

A flexi loan EMI calculator is a tool that lets you calculate the interest you have to pay towards the loan amount you utilize. A flexi loan is an unsecured loan that comes with a pre-approved limit that you can use to cater to financial emergencies. The loan amount can be repaid anytime depending on the tenure you opt for and in return, you are required to pay only the interest rate as the EMI. One of the attractive features of this type of loan is that the interest is levied only on the loan amount you utilize i.e. for instance, if the flexi loan limit is 7 lakh and you utilize only Rs. 2 .5 lakh, then the interest is payable only on the utilized amount (2.5 lakh) and not 7 lakhs.

How does Flexi Loan EMI Ealculator work?

Flexi loan EMI calculator takes into account the loan amount and the rate of interest you are likely to be charged by the lender. For instance, if you take a loan of Rs. 10 lakhs at interest rate of 13.25% then you will have to pay total interest of Rs. 11,042 on a monthly basis. With this type of loan, you get to pay the interest amount as your EMI amount in the first year.

How to use Flexi Loan EMI Calculator?

Using the Flexi Loan EMI Calculator is pretty simple. All you have to do is enter the personal loan amount and the interest rate in the given tabs. The interest amount will then be displayed.

Flexi Loan EMI Calculator FAQs

Can I use the flexi loan EMI calculator for calculating my personal loan EMI?

No, you cannot use the flexi loan EMI calculator for calculating personal loan EMI. A personal loan EMI calculator takes into account the loan amount, tenure and the interest rate; it helps you calculate the EMI (including interest and principal amount) you will have to pay to the lender each month. And on the other hand, flexi loan EMI calculator only helps you calculate the interest you will have to pay as EMI.

What are the documents required for getting a flexi loan in India?

To get a flexi loan, if you are a salaried individual, you will have to submit the below documents:

Form 16

Last 6 months salary slip and bank statement

KYC documents

In case you are a self-employed individual, you will have to submit the below documents:

Business proof

KYC documents

Bank account statement of past 6 months

Who is eligible to get flexi loan?

Salaried or self-employed individuals above the age of 25 years are eligible to get a flexi loan in India.